Which of the following would hold true for all oligopolies?
A. Oligopolies sell a differentiated product
B. Oligopolies sell a large share of the market
C. Oligopolies face a horizontal demand curve
D. Oligopolies sell a product for which there are no close substitutes
B. Oligopolies sell a large share of the market
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If the money wage rate does not change, a decrease in the price level will ________ the real wage rate and ________ firms' profit
A) raise; increase B) lower; decrease C) lower; increase D) raise; decrease E) lower; not change
The high period of immigration in the first half of the 19th century was caused by
a. the Irish potato famine. b. political unrest in Europe. c. political unrest in China. d. Only a and b are correct. e. None of the above are correct.
Suppose an oil cartel has an agreement to restrict members' production in order to maintain a price of $30 per barrel. A single cartel member may want to cheat and exceed its quota so that it can:
A. reduce its costs. B. charge higher prices. C. make demand more inelastic. D. earn a bigger profit.
When numerous Japanese companies buy $100,000,000 worth of goods or services from U.S. producers, ceteris paribus, there will be
A) appreciation in the value of the yen against the dollar. B) depreciation in the value of the yen against the dollar. C) depreciation of the dollar against the yen. D) no change in values of the currencies.